The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Published

Zimbabwe Revenue Authority collects nearly $4 billion in 2017

The Zimbabwe Revenue Authority (ZIMRA) today reported that annual gross collections for 2017 amounted to $3.98 billion compared to $3.4 billion in 2016 on increased use of plastic money and an effective anti-corruption drive.

Net collections amounted to $3.75 billion against the target of $3.4 billion, giving a positive variance of 10.29 percent.

“The concerted effort by the authority through rigorous revenue enhancement measures, an unwavering stance against corruption and resultant improved compliance by taxpayers contributed to this positive revenue performance,” said ZIMRA chairperson Willia Bonyongwe in a statement.

Gross VAT on local sales collections for the year amounted to $913.41 million against a target of $666.24 million.

Individual Tax amounted to $490.01 million, a 33.47 percent decline from the $736.53 million collected in 2016.

Company Tax contributed $730.5 million against a target of $337.2 million. Revenue collections increased by 114.4 percent from the $340.72 million collected in 2016.

During the period, Corporate Income Tax debt was $1.462 billion compared to $751.49 million in 2016.

“The positive performance can be attributed to improved profitability by some companies especially in the financial services sector. Increased use of electronic transactions also enhanced inflows, with the added advantage of traceable transactions for audit purposes,” Bonyongwe said.

Revenue collections under VAT on Imports increased by 8.28 percent to $387.92 million from $358.25 million in 2016.

Revenue from Excise Duty amounted to $675.9 million against a target of $674.72 million.

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.